Tag Archives: Saudi Arabia

Oil will trade at $55 to $60 a barrel this year and Kuwait is assuming a $45 price in its budget for fiscal year 2017-18.

The market is waiting to see how the Opec cuts and US supply situation plays out.

Iran was the only country allowed to slightly boost output.

It was decided during the meeting that majority of members curtail production by a combined amount of 1.2 million barrels.

The average production of oil during the first 6 months of the year should stand at the established quota.

The OPEC 171st session aiming at reviewing the oil freeze plan was held in Vienna on November 30.

Iran is now pumping around 3.8 million barrels per day of oil and condensate.

The nuclear deal helped increase oil exports. providing a vital boost to public funds to balance budgets for various sectors.

Oil sanction inflicted about 170 billion dollars of damage on Iran.

Saudi Arabia and the UAE. are trying to reduce their reliance on oil and generate more power from the sun.